Two former Parramatta Eels players are accused of harbouring semi-automatic weapons and possessing more than half-a-million dollars in cash after dramatic arrests in Sydney's Centennial Park yesterday.

The deficit is forecast to be $29.4 billion this financial year and the treasurer said the government remains committed to a balanced budget in 2020/21.

The government will release its mid-year budget review before Christmas, but after the September quarter national accounts which are due on December 6.

Mr Morrison said keeping expenditure under control and having "sensible and constructive" forecasts, particularly around commodity prices, are some of the key reasons why Australia to date has been able to maintain its top-tier triple-A rating.

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"We are not forecasting revenue that allows you to spend money that is not there," he said.

But Labor's finance spokesman Jim Chalmers wasn't about to give the government a pat on the back, saying it was a "minor" improvement in the budget, describing it as more about "good luck than good policy".

He said the government had made a mess of the commonwealth budget with the 2016/17 deficit three times larger than had been predicted by former Liberal treasurer Joe Hockey in his first budget in 2014/15.

"We still have debt and deficit higher than inherited by the government. We still have gross debt at half a trillion dollars and rising with no peak in sight," Dr Chalmers told reporters in Brisbane.

However, Finance Minister Mathias Cormann says the numbers show this is not the time to shift to Labor.